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Tuesday, January 7, 2014

Grupo Gigante to sell shares in Office Depot Mexico, (NYSE: ODP)

Mexican retailer Grupo Gigante said on Tuesday it will list shares in Office Depot de Mexico, the local unit of the U.S. office-supply chain it purchased last year. Last June, Grupo Gigante, which also operates restaurants, paid 8.78 billion pesos ($671.31 million) for the 50 percent stake of the Mexican unit of the Office Depot chain it did not already own.That same month, Grupo Gigante shareholders agreed to allow the company to weigh whether to list up to 35 percent of Office Depot in a stock offering.On Tuesday, Grupo Gigante said in a regulatory filing that it had begun that process in order to pay back the loan used for the purchase of the Office Depot stake.The listing would be public in Mexico and private in the United States and other markets.

Office Depot, Inc. (Office Depot) is a global supplier of office products and services. Shares of ODP fell by 1.65% or $-0.08/share to $4.76. In the past year, the shares have traded as low as $3.50 and as high as $6.10. On average, 10331600 shares of ODP exchange hands on a given day and today's volume is recorded at 12155785.